INTERNATIONAL COMMODITY NEWS :
• Gold prices eased slightly in Asia on Wednesday in mild profit taking with the focus on the upcoming Federal Reserve announcement. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,271.50 a troy ounce, down 0.04%, after hitting an overnight session low of $1,259.00 and off a high of $1,273.50.
• Silver for July delivery rose 0.03% at $19.737 a troy ounce. Copper futures for July delivery gained 0.04% at $3.061 a pound.
• Crude oil prices gained on Wednesday in Asia after industry data showed a sharp drop in U.S. crude oil stocks. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in August traded at $106.03 a barrel, up 0.15%, after hitting an overnight session low of $105.47 a barrel and a high of $106.67 a barrel.
• Brent oil on the ICE futures exchange rose 0.5% to $113.45 a barrel on Tuesday, the highest price since Sept. 9.
• Natural gas futures carried Monday’s gains into Tuesday after updated weather-forecasting models continued calling for above- average temperatures to settle in over the eastern U.S. in the coming days, which should prompt thermal power plants to burn more of the commodity to meet demand for air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.728 per million British thermal units during U.S. trading, up 0.45%. The commodity hit a session high of $4.673 and a low of $4.739. The July contract settled down 0.68% on Monday to end at $4.707 per million British thermal units.
• Base metals generally continued their range-bound trade but prices were mostly firmer as various fundamental news supported individual metals. Lead and zinc were modestly higher due to demand-supply data published by the International Lead &; Zinc Study Group (ILZSG), showing both metals to be in deficit in April. Copper ended the session at $6,705 per tonne on Monday and has advanced on Wednesday’s Asian trade, climbing some $17 to the current $6,722 per tonne. Still the metal is stuck in range, trading within a $25 band. Aluminium stayed flat at $1,852 per tonne, while nickel extended its hefty $570 advance on Tuesday. Today’s price is up $42 at $19,162 compared to last night’s $19,120. Nickel notched up another solid advance, closing at $19,120, a $570 gain, even after stocks increased 60 tonnes to 286,728 tonnes. Tin finished $100 higher at $22,550 – there was a 20-tonne stocks fall to 10,880 tonnes. Lead and zinc prices were both firmer today, following the report from ILZSG which saw both metals in supply deficit in April, adding on bullish sentiments. Lead advanced $13 yesterday to end at $2,119 and held on to gains at the current $2,120 per tonne.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1439.75. If it breaks the level of 1430, it can touch the level of 1423 & 1413 respectively. If it sustain above the level of 1449, it can touch the level of 1456, 1466 respectively.
- SELL PLATINUM-COMEX BELOW 1430 TGTS 1423, 1413 SL 1440.
- BUY PLATINUM-COMEX ABOVE 1449 TGTS 1456, 1466 SL 1439.